New Delhi, State-run Petroleum and Natural Gas Corporation (ONGC) will invest around Rs 2 lakh crore in setting up renewable energy sites and green hydrogen plants and reduce gas flaring to zero to achieve its net emissions target zero carbon by 2038.
The company, which produces about two-thirds of India's crude oil and about 58 percent of natural gas, published a 200-page document on Tuesday, detailing its path to achieving net zero emissions.
It listed clean energy projects even as it seeks to increase its hydrocarbon production to meet the country's energy needs.
ONGC will invest Rs 97,000 crore by 2030 in creating 5 gigawatts of renewable energy capacity, green hydrogen, biogas, a pumped storage plant and an offshore wind project, the document said. Another Rs 65,500 crore will be invested by 2035, mainly in a green hydrogen or green ammonia plant, and the remaining Rs 38,000 crore by 2038, mainly in setting up 1 GW of offshore wind projects.
These projects will help the company offset 9 million tonnes of carbon emissions for which it is responsible directly (Scope 1 emissions) or indirectly (Scope 2 emissions).
ONGC said it will invest Rs 5,000 crore to reduce gas flaring to zero by 2030 through technological intervention.
The company released 554 million cubic meters of methane into the atmosphere in 2021-22 (base year), mainly because it was an incidental byproduct of oil or the quantity was not economical enough to channel it to consumers.
ONGC will spend Rs 30,000 crore on setting up 5 GW solar parks that will convert sunlight into electricity and turbines that will do the same for wind power. It will add 1 GW of onshore solar and wind capacity by 2035 and 2038 at a cost of Rs 5,000 crore each.
It will invest Rs 40,000 crore by 2030 and a similar amount by 2035 to set up two projects of 1,80,000 tonnes per annum of green hydrogen and/or 1 million tonnes of green ammonia.
ONGC, which has facilities in the Arabian Sea and the Bay of Bengal to produce oil and gas below the seabed, is also considering installing offshore wind turbines to generate 0.5 GW of electricity by 2030 and doubling it by 2035. The first 0, 5 GW offshore The wind project is likely to cost Rs 12,500 crore and the next one around Rs 12,000 crore.
By 2038, it will add another 1 GW of offshore wind power capacity with an investment of Rs 25,000 crore, the document said.
The company is also considering investing Rs 20,000 crore to set up 3 GW of pumped storage plants to meet electricity needs when renewable sources like sunlight and wind power are not available.
The remaining investment will go towards biogas, carbon capture and other clean energy projects.
All this while continuing to hunt and produce more oil and gas.
Crude oil, which companies like ONGC extract from the seabed and underground deposits, is a primary source of energy. It is processed in oil refineries to produce gasoline, diesel, and jet fuel. As the world looks to move away from fossil fuels, companies around the world are looking for new ways to use crude oil.
Gas produced similarly is used to generate electricity, produce fertilizers or converted into CNG to power cars or in PNG to power stoves.
Scope 1 emissions come from direct emission sources that are owned or controlled by a company. Scope 2 emissions come from the consumption of purchased electricity, steam, or other energy sources generated upstream of a company's direct operations.
ONGC produced 21.14 million tonnes of oil in 2023-24 (April 2023 to March 2024) and 20,648 million cubic meters (bcm) of gas.
The company, which produces about two-thirds of India's crude oil and about 58 percent of natural gas, published a 200-page document on Tuesday, detailing its path to achieving net zero emissions.
It listed clean energy projects even as it seeks to increase its hydrocarbon production to meet the country's energy needs.
ONGC will invest Rs 97,000 crore by 2030 in creating 5 gigawatts of renewable energy capacity, green hydrogen, biogas, a pumped storage plant and an offshore wind project, the document said. Another Rs 65,500 crore will be invested by 2035, mainly in a green hydrogen or green ammonia plant, and the remaining Rs 38,000 crore by 2038, mainly in setting up 1 GW of offshore wind projects.
These projects will help the company offset 9 million tonnes of carbon emissions for which it is responsible directly (Scope 1 emissions) or indirectly (Scope 2 emissions).
ONGC said it will invest Rs 5,000 crore to reduce gas flaring to zero by 2030 through technological intervention.
The company released 554 million cubic meters of methane into the atmosphere in 2021-22 (base year), mainly because it was an incidental byproduct of oil or the quantity was not economical enough to channel it to consumers.
ONGC will spend Rs 30,000 crore on setting up 5 GW solar parks that will convert sunlight into electricity and turbines that will do the same for wind power. It will add 1 GW of onshore solar and wind capacity by 2035 and 2038 at a cost of Rs 5,000 crore each.
It will invest Rs 40,000 crore by 2030 and a similar amount by 2035 to set up two projects of 1,80,000 tonnes per annum of green hydrogen and/or 1 million tonnes of green ammonia.
ONGC, which has facilities in the Arabian Sea and the Bay of Bengal to produce oil and gas below the seabed, is also considering installing offshore wind turbines to generate 0.5 GW of electricity by 2030 and doubling it by 2035. The first 0, 5 GW offshore The wind project is likely to cost Rs 12,500 crore and the next one around Rs 12,000 crore.
By 2038, it will add another 1 GW of offshore wind power capacity with an investment of Rs 25,000 crore, the document said.
The company is also considering investing Rs 20,000 crore to set up 3 GW of pumped storage plants to meet electricity needs when renewable sources like sunlight and wind power are not available.
The remaining investment will go towards biogas, carbon capture and other clean energy projects.
All this while continuing to hunt and produce more oil and gas.
Crude oil, which companies like ONGC extract from the seabed and underground deposits, is a primary source of energy. It is processed in oil refineries to produce gasoline, diesel, and jet fuel. As the world looks to move away from fossil fuels, companies around the world are looking for new ways to use crude oil.
Gas produced similarly is used to generate electricity, produce fertilizers or converted into CNG to power cars or in PNG to power stoves.
Scope 1 emissions come from direct emission sources that are owned or controlled by a company. Scope 2 emissions come from the consumption of purchased electricity, steam, or other energy sources generated upstream of a company's direct operations.
ONGC produced 21.14 million tonnes of oil in 2023-24 (April 2023 to March 2024) and 20,648 million cubic meters (bcm) of gas.
